Are you looking to take your B2B marketing analytics game to the next level? Whether you’re completely new or just want to hone your existing skills, there’s no denying that the right knowledge can make all the difference.
In this blog post, we'll cover everything from setting up a basic analytics plan for beginners through advanced tracking and reporting tips for experts. Let's dig in!
Introducing the Basics of B2B Marketing Analytics
For businesses looking to increase their sales and stay ahead of their competition, B2B marketing analytics are critical. Understanding the basics of marketing analytics can be the key to unlocking insights about your customers and your market, allowing you to make more informed decisions about where to focus your marketing performance. The beauty of B2B marketing analytics is that it can be used to analyze data from a wide range of sources, including:
- Website traffic
- Social media engagement
- Account engagement
- Product interactions
- Advertising campaigns
By carefully interpreting this data, businesses can gain a better understanding of where their customers are coming from, what they're interested in, and how they make purchase decisions. Armed with this knowledge, businesses can craft more targeted marketing campaigns that are more likely to resonate with their audience. So, if you're looking to take your B2B marketing performance to the next level, it's time to dive into the world of B2B marketing analytics.
Insights Into Marketing Efforts are More Valuable than Data Alone
Insights and metrics are both essential in B2B marketing analytics, but insights are more valuable than metrics because they provide context and actionable information. Metrics, such as click-through rates or conversion rates, provide a baseline for understanding performance. However, without context, these metrics alone do not tell the full story. Insights are the interpretation of metrics, providing valuable context and actionable, aggregate information.
They help to identify trends, patterns and anomalies, which can then be used to develop informed strategies. Insights make it easier for marketers to understand what is driving user behavior and make data-driven decisions. Therefore, while metrics provide essential data, insights are ultimately more valuable than following metrics alone, in helping businesses improve their marketing automation and drive growth.
Types of B2B Marketing Analytics
Marketing analytics involves using data to evaluate and optimize marketing strategies. There are several types of B2B marketing analytics that businesses can use, including:
1) Descriptive Analytics
Descriptive analytics provides a summary of past performance, such as website traffic, conversion rates, and engagement rates. This type of marketing analytics is used to understand what has happened in the past and provides a basis for future decision making.
2) Predictive Analytics
Predictive analytics involves the use of data, statistical algorithms, and machine learning techniques to predict future outcomes based on historical data. This type of marketing analytics is valuable in forecasting customer behavior and trends.
3) Prescriptive Analytics
Prescriptive analytics uses data and algorithms to determine the best course of action based on different scenarios. This type of marketing analytics helps marketers to make data-driven decisions and optimize their marketing strategies.
4) Social Media Analytics
Social media analytics involves tracking social media metrics such as followers, engagement rates, and shares. This type of B2B marketing analytics is important for understanding social media performance and making data-driven decisions to improve social media marketing strategies.
5) Web Analytics
Web analytics include tracking website performance, such as traffic, engagement, and conversion rates. This type of marketing analytics is used to gain insights into website user behavior and optimize website performance for better results.
By leveraging these types of B2B marketing analytics, businesses can gain a deeper understanding of customer behavior, optimize their marketing strategies, and ultimately drive growth and success.
Visualize Your B2B Marketing Analytics
The way you visualize these several datasets and create a quick path to meaningful insights can vary greatly:
Traditional Box Dashboards
Traditional box dashboards are a type of marketing analytics tool that presents data in a traditional grid-like view. This type of dashboard is known for its simplicity, with source data points arranged in boxes or grids, making it easy for users to quickly understand performance, making following metrics even more clear. Box dashboards can be customized to show specific metrics, such as website traffic, conversion rates, and campaign performance, depending on the needs of the user.
Box dashboards are typically updated in real-time, providing marketers with the most up-to-date marketing data, and can be accessed from anywhere through cloud-based applications. While box dashboards are a popular and effective way to track marketing metrics, they have some limitations, such as limited customization and lack of visual appeal. However, they remain a useful tool for businesses looking for a simple and effective way to track and analyze their marketing performance.
Tables Based Analytics
Table-based analytics is a type of marketing analytics tool that presents data in table format. This type of analytics is often used to display large amounts of data in an organized and easy-to-read way. Tables provide a simple way to compare and analyze data across multiple categories and time periods. They can be used to track metrics such as website traffic, user behavior, and campaign performance.
Tables are highly customizable, allowing marketers to filter and sort data based on specific criteria, and can be updated in real-time to provide fresh insights. While tables are effective for displaying large amounts of data, they can be less visually appealing than other analytics tools, such as charts and graphs. However, table-based analytics remain a valuable tool for a marketing team or sales team to track and analyze their performance.
Path & Exploratory Analysis
Path and exploratory analysis are two types of marketing analytics that help businesses understand how users interact with their website or application.
Path analysis involves tracking and analyzing the steps users take as they move through the website. This type of analysis helps to identify which landing pages are most frequently visited and which landing pages may be causing visitors to leave the website. Path analysis can also help find bottlenecks in the conversion funnel, providing insight into areas where improvements can be made.
Exploratory analysis involves exploring user behavior to identify patterns and trends. This type of analysis is useful in understanding user behavior and preferences, and identifying areas for improvement. Exploratory analysis allows businesses to uncover new insights that may not be evident from other metrics such as conversion rates or website traffic.
Both avenues use data visualization tools such as charts, graphs, and heatmaps to help businesses visualize user behavior and make data-driven decisions. By understanding user behavior and preferences, businesses can optimize their website or application to provide a better user experience and drive growth and success.
Difference Between D2C and B2B Marketing Analytics
Marketing analytics is essential for any business looking to make data driven decisions. However, it's important to understand the difference between Direct-to-Consumer (D2C) and Business-to-Business (B2B) marketing analytics. For D2C, the focus is primarily on individual transactions and customer behavior, allowing businesses to personalize their marketing approaches.
On the other hand, B2B marketing analytics focuses on a broader market and the needs of multiple decision makers within a single organization. Understanding the nuances of each type of marketing analytics can help a business tailor its strategies and make the most out of their marketing budget. After all, as the saying goes, "data talks, but only if you listen."
D2C Campaigns are Transactional
D2C (direct-to-consumer) campaigns are typically transactional in nature, as they focus on driving direct sales from the manufacturer to the end consumer. Unlike traditional marketing campaigns, which focus on building brand awareness and driving sales via retailers and third-party distributors, D2C campaigns prioritize the conversion of consumers through targeted advertising, promotions, and personalized marketing communication.
Transactional D2C campaigns are built around three core components: understanding the customer's needs and preferences, offering high-quality products at a reasonable price, and providing excellent customer service. This approach aligns with the nature of e-commerce, which is designed for consumers to make purchases quickly and efficiently.
As a result, D2C marketing campaigns favor metrics such as click-through rates, conversion rates, and ROAS (return on ad spend). These measures provide insight into the effectiveness of advertising copy, promotional offers, and overall campaign performance. By analyzing this data, businesses can make data-driven decisions about which tactics are most effective in driving growth and optimizing their D2C campaigns for maximum ROI.
Multi-Touch Attribution in B2B is Critical
Multi-touch attribution in B2B is critical because it provides a more accurate understanding of how marketing touches and interactions with potential customers are contributing to the sales pipeline. Here are some of the key reasons why multi-touch attribution is critical in B2B:
Customer Journey Complexity:
B2B marketing campaigns are typically complex, and potential customers often engage with multiple touch points before making a purchase decision. Multi-touch attribution enables businesses to track and understand the impact of all touch points, allowing for a more accurate understanding of how different marketing channels are contributing to the customer journey and sales pipeline.
- Aligning Sales and Marketing: Multi-touch attribution allows businesses to align their sales and marketing strategies more effectively. By analyzing the touch points that are driving sales, businesses can optimize their marketing campaigns to target the most effective channels and tactics.
- Budget Optimization: By analyzing the performance of different marketing channels, businesses can allocate their marketing budget more effectively to achieve the highest ROI.
- Account-Based Marketing (ABM): Multi-touch attribution is essential for account-based marketing (ABM) because it allows businesses to track interactions with specific account details and measure the effectiveness of targeted campaigns.
- Improved Decision-Making: With a more accurate understanding of the customer journey and how different touch points contribute to growth, businesses can make more informed decisions about their marketing strategy moving forward.
Overall, multi-touch attribution is critical in B2B because it provides a more complete understanding of the customer journey, allowing businesses to optimize their marketing campaigns for maximum ROI and make more informed decisions.
Quantitative Value Trumps Lead Volume
In marketing, quantitative values assigned to marketing campaigns are more important than simply looking at a vanity metric lead lead volume. Here are some reasons why quantitative values are more important than lead volume:
- Better ROI: High-quality leads are more likely to result in a sale or conversion, resulting in a higher return on investment (ROI) for marketing efforts compared to a large volume of low qualified leads.
- Improved Sales Efficiency: When marketing campaigns generate high-quality leads that are a good fit for the business or product offering, sales teams and marketing teams can operate more efficiently. They can then focus their efforts on potential customers who are more likely to convert and be a good fit for the business.
- Reduced Costs: Focusing on marketing qualified leads that are high-quality can also reduce costs associated with marketing and sales efforts. For example, targeted campaigns can help to minimize the costs associated with generating a large volume of sales qualified leads that ultimately do convert into paying customers.
- Brand Reputation: Attracting a high volume of low-quality leads can often damage a business's brand reputation, while a focus on how many prospects align with being a high-quality lead can establish the brand as a trusted and valuable resource in the marketplace.
5 Must-Haves in your Marketing Manager Dashboard
As a marketing manager, staying on top of multiple campaigns can be overwhelming without a trusted dashboard. But what should a dashboard have to make your life easier? Here are five must-haves: First and foremost, marketing analytics across your sales funnel! Without accurate analytics, it's impossible to understand campaign performance. Secondly, a customizable view so you can choose what's most important to you.
Third, marketing managers should look for a dashboard that displays campaign insights, which include top-performing ads, keywords, and demographics. Fourth, a competitive analysis feature that allows you to benchmark against competitors' campaigns. And lastly, the ability to track progress towards sales team goals, so you can prove the value of your campaigns to your boss. With these features, a data scientist is able to take control and make informed decisions that drive business results.
Multi Touch Attribution Dashboard
A multi-touch attribution dashboard is a marketing analytics tool that provides businesses with valuable insights on how marketing channels and campaigns contribute to the customer journey. The dashboard shows multiple touch points across various channels from first interaction until conversion, allowing marketers and decision-makers to better understand user behavior and optimize marketing efforts.
With customizable metrics that track clicks, impressions, conversion rates, and revenue, a dashboard that highlights multi-touch attribution helps businesses make data-driven decisions to improve ROI, customer acquisition, and retention. Marketing data visualization tools like heat maps and graphs make it easier to visualize results and communicate marketing ROI to stakeholders.
An account engagement dashboard is a marketing analytics tool that focuses on tracking the engagement levels of targeted accounts and provides visibility into the effectiveness of account-based marketing (ABM) campaigns. A pipeline dashboard allows businesses to track and analyze the engagement level of targeted accounts, including activities such as website visits, email engagements and bounce rates, and social media interactions.
Account engagement dashboards provide deeper insights into customer behavior, interests, and preferences, allowing businesses to tailor their ABM campaigns and personalized marketing efforts more effectively. With customizable metrics and marketing data visualization tools, account engagement dashboards provide a comprehensive view of the success of ABM campaigns, helping businesses optimize strategies and improve ROI.
Marketing Campaign Performance
A Marketing Campaign Performance dashboard is a marketing analytics tool that tracks the effectiveness of specific campaigns. This type of dashboard provides real-time visibility into campaign performance, including metrics such as click-through rates, impressions, conversion rates, and revenue. By analyzing campaign performance, businesses can quickly identify which campaigns are effective and optimize those that are underperforming.
Customizable metrics and visualizations make it easy to track progress towards campaign goals, understand and adjust campaign tactics, and ultimately improve ROI. The Campaign Performance dashboard is an essential tool for businesses looking to improve the effectiveness of their marketing efforts and maximize ROI.
An email engagement dashboard is a marketing analytics tool that tracks the performance of email campaigns. The dashboard typically includes metrics such as open rates, click-through rates, conversion rates, and revenue generated. Engagement dashboards help businesses optimize their email marketing assets and campaigns by providing insight into how recipients engage with their email templates. By marketing assets with customizable metrics, businesses can track performance by audience segments, time period, and type of email.
Data visualization tools such as charts and graphs help to make sense of large amounts of marketing data and communicate the results to stakeholders. By analyzing email metrics, businesses can improve their email targeting, optimize personalized content, and ultimately increase click-through rates, conversions, and revenue generated through email campaigns.
A CRM (Customer Relationship Management) analytics dashboard is a marketing analytics tool that provides insight into customer behavior, preferences, and interactions with a business. A CRM analytics dashboard is designed to leverage customer data from various sources including sales performance, marketing, and customer service to help businesses identify new sales opportunities, track response rates from campaigns, monitor customer activities and satisfaction, and compared to Key Performance Indicators (KPIs) over time.
Customizable metrics and visualizations provide an easy-to-use interface for businesses to track their performance in key customer-focused areas, such as customer acquisition, loyalty, retention, and lifetime value. By regularly reviewing CRM analytics dashboards, businesses can identify areas for improvement, make data-driven decisions, and ultimately improve their customer-centric strategies and their bottom line.
Our 3 Favorite Marketing Analytics Platforms
In the constantly changing world of marketing, having access to reliable data is crucial. That's where a marketing team and marketing analytics platforms come in handy. With so many options to choose from, it can be overwhelming to figure out which one to invest in. However, after some extensive research, our team has narrowed it down to our top three favorite marketing analytics platforms.
These platforms not only provide comprehensive data analysis, but they also offer user-friendly interfaces and customizable reporting features. Stay ahead of the game and streamline your marketing efforts with the help of these powerful tools.
Data Desk is one of the easiest and most comprehensive dashboard tools, and is created by the Revenue Institute. It provides a user-friendly interface and a wide range of tools for marketing data manipulation, transformation, and visualization. With Data Desk, users can create dashboards that help you visualize and extract valuable insights from any number of tools instantly.
The biggest value prop Data Desk brings to the table is the fact it allows you to create custom metrics across multiple tool sets. For example, you can add your advertising budgets across all of your channels, divide by your conversion volume, and get your cost per conversion; no need to have to view channel by channel. Connected campaigns are easier to analyze.
Google Analytics 4 (GA4)
Google Analytics 4, also known as GA4, is the latest version of Google's analytics platform. It features a new approach to data measurement and reporting, with a focus on cross-device tracking and machine learning. GA4 is designed to offer a more complete view of customer behavior across multiple data points, such as mobile devices, websites, and apps. Gone are the days of just telling you what your bounce rates on a landing page are. It also has custom reports, advanced segmentation capabilities, and machine learning-based insights.
Salesforce Analytics Studio
Salesforce Analytics Studio is a cloud-based analytics tool that offers powerful data flow visualization capabilities, making it easier for businesses to gain insights from their Salesforce Pardot datasets. It provides features like drag-and-drop functionality, a library of pre-built charts and dashboards, and a user-friendly interface that simplifies the creation of custom reports. The Pardot Edition of Marketing Cloud with Analytics Cloud unlocks enterprise-grade data.
Salesforce analytics integrates with the Salesforce CRM (just switch tools in the Salesforce app launcher) and enables businesses to...
- Analyze their CRM and Pardot campaigns in real-time or near real-time
- Identify new trends and patterns in Pardot data and you CRM analytics app
- Generate actionable insights that can help to optimize business processes
The tool is powered by Einstein Analytics, a machine learning and AI-based engine developed by Salesforce, which provides predictive analytics, natural language processing, and machine learning algorithms to deliver automated insights and recommendations based off Pardot data.
With Salesforce Analytics Studio, businesses can streamline their analytics workflows and make data-driven decisions from salesforce Pardot that can help propel them ahead of the competition.
Choosing the Right Analytics Tools for your Marketing and Sales Data
Choosing the right analytics stack can make all the difference in the success of a marketing campaign. With so many options available, it can be overwhelming to choose the right tools for the job. But fear not, with some strategic thinking and a bit of research, finding the perfect combination of tools for your marketing analytics stack is totally possible.
The key is to consider your specific needs and goals, as well as the strengths and weaknesses of each tool. A little bit of trial and error (and some patience) will go a long way in creating a powerful analytics stack that helps you make informed decisions and drive results. So, don't be afraid to experiment and try something new. The right analytics stack could be the secret sauce to taking your marketing effort to the next level.
Select Your Desired Insights
When selecting an analytic stack, it is crucial to choose the right insights that best align with your business goals. Before making a selection, it is necessary to determine the specific insights that your business needs. For instance, if your primary focus is marketing, you might want to select a stack that provides data on user engagement, conversion rates, and revenue generated from campaigns.
Once you have a clear picture of your needs, you can then explore various analytic stacks to find the one that offers the desired insights. Some analytic stacks provide a vast range of customizable metrics and data visualizations, while others provide more limited options. It is essential to choose a stack that aligns with your technical expertise, budget, and long-term business goals.
Additionally, it is essential to choose an analytic stack that integrates with your existing software systems. This integration can make data management more seamless, and allow businesses to derive more value from their data. When selecting an analytics stack, ensure that it can integrate with CRM systems, marketing automation platforms, and other essential tools.
Ease of Use
Ease of use is an essential factor to consider when choosing an analytic stack. A tool that is easy to use will save time and effort and can help businesses obtain insights faster. To pick a tool that is easy to use, one way is to consider the interface design. The tool should be intuitive and user-friendly, with a clear dashboard and easy-to-navigate menus. Your users' access to quick and easy insights are the point of this to begin with.
Another factor to consider is the level of technical expertise needed to use the tool. Some analytic stacks require advanced technical skills, while others have features that are accessible to non-technical users as well. Consider the complexity of the required data integrations, the ease of creating custom metrics, and the availability of online documentation or support when evaluating different analytic stack options.
Lastly, trial versions and free demos can be useful in assessing the ease of use of an analytic stack. Test the functionality and features of the tool in real-life scenarios to gain perspective. Invite team members to try the demo or trial version of the stack and gauge their feedback on ease of use. This feedback can prove instrumental in making a final decision.
Picking an analytic stack that is easy to use is ideal as it allows a data manager to focus on data insights, not software operation. Consider user-friendly and intuitive interfaces, the level of technical expertise needed, and try before you buy when choosing an analytic stack.
Implementation Skills Required
Implementation skills are a key consideration when deciding on an analytic stack. It is essential to choose a tool that meets the technical capabilities of the team that will be implementing it to achieve the best results. For example, Salesforce setup can be brutal without the right certified Salesforce developers.
Some analytic stacks require a high level of technical implementation, such as data migration, data normalization, and back-end integrations, while others have simpler implementations. Carefully evaluate implementation efforts, and select an analytic stack that aligns with the technical expertise and bandwidth of your team.
Additionally, consider the compatibility of the analytic stack with your existing technology stack. Consider the compatibility of various data sources, applications, and databases that the tool will need to integrate with. Check that data mapping is straightforward and that the system can handle the amount of data your organization will generate.
In addition to these technical considerations, look at the support services provided by the vendor. Ensure they offer sufficient documentation, available customer support, and professional services to support the stack's implementation.
Price Should be Considered Last
Price is a crucial factor that any business needs to consider when choosing an analytic stack. However, it should not be the primary factor considered when making the final decision. The first and most important factor to consider is whether the analytic stack can deliver the functionality and insights that the business requires. Quality insights can unlock enormous growth potential and skip a lot of heartache if used correctly.
The analytic stack's features, customization capabilities, ease of use, and integration with existing technology stack should be the first considerations. These factors can help evaluate the value that the analytic stack brings to the business and determine if it is the best fit for the organization.
After evaluating the functionality and features, businesses can then assess the costs of implementing the analytic stack. Consideration should be given to the amount of infrastructure required to run the analytic stack, the cost of data storage, maintenance costs, and software licensing fees.
It's also essential to determine the financial benefits that the analytics stack can bring to the business. Can it help generate revenue growth, optimize campaigns, improve customer satisfaction, give customer data analysis or reduce operational costs? The value provided by the tool relative to its cost should be the ultimate evaluation criteria.
Therefore, price should be considered last when choosing an analytic stack. It is essential to prioritize functionality and insights, integration capabilities, and ease of use when evaluating the various options available. Only after determining if the analytic stack provides the value and functionality needed should a decision be made based on cost.
Wrapping it Up
B2B marketing analytics is a crucial aspect of any successful business. Being able to track and analyze data on customer behavior, campaigns, and overall performance allows companies to make informed decisions that can lead to increased sales and growth. However, mastering marketing analytics can be daunting for beginners. The good news is that with the right tools and guidance, anyone can become an expert in this field.
That said, sometimes simpler is better and there are plenty of intuitive platforms available that can help bring success. Whatever the size and scope of your business, Revenue Institute can help you find the right direction for your analytics stack. Check out our service landing pages to learn about how we can help improve your analytics — it’s never too early or too late to get on board with data-driven decision making today!